pSivida
Limited and Intrinsiq Materials Cayman Limited today
announced that the assets of SiNutria Limited, a wholly owned
subsidiary of pSivida, have been sold to Intrinsiq, a UK based venture
capital company funded by QinetiQ (pSivida’s second largest
and founding shareholder) and headed by a former pSivida Non-executive
Director, Mr Stephen Lake.

pSiNutria was established in December 2005 to develop
applications of the Company’s BioSiliconTM technology for the
food industry.

Intrinsiq is obligated to make a series of payments
totaling US$1.23m in the first year following this closing of this
transaction.

Intrinsiq is obligated to pay royalties with minimum
royalty payments of US$3.95m over approximately the next 6 years, $500k
of which would be payable 18 months after the closing.

pSivida retains all rights outside the food science arena.

Follows the sale last year of wholly owned subsidiary, AION
Diagnostics

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